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Industry News
August 1, 2012
TI Announces Proposed Public Offering of $1 Billion Worth of Investment Grade Notes; Second Quarter Financial Results
Texas Instruments Inc. (TI) announced that it proposes to offer, subject to market and other considerations, approximately $1.0 billion of senior unsecured notes. Actual terms of the notes, including interest rate, principal amount, redemption provisions and maturity, will depend on market conditions at the time of pricing.
TI intends to use the net proceeds of this offering for general corporate purposes which, among other things, could include repurchases of common stock.
TI also announced second-quarter revenue of $3.34 billion, net income of $446 million and earnings per share of 38 cents. EPS includes 6 cents of charges associated with the company’s September 2011 acquisition of National Semiconductor and restructuring.
"TI revenue in the second quarter was about as we had expected," said Rich Templeton, TI’s chairman, president and CEO. "Our Analog and Embedded Processing segments grew sequentially, while our Wireless segment declined.
"Although we believe customers and distributors have low inventory levels, the global economic environment is causing both to become increasingly cautious in placing new orders. Our backlog grew last quarter but orders slowed in the month of June and our backlog coverage for September is lower than normal. As a result of this increased uncertainty, we currently estimate that our revenue in the third quarter will be about even with last quarter and below our seasonal average growth rate. If customer demand increases as the quarter progresses, we are ready to support higher shipments with short product lead times, a strong inventory position and available manufacturing capacity.
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"In the meantime, we remain focused on strengthening our market positions in Analog and Embedded Processing. These areas are complementary and benefit from TI’s extensive and expanding relationships with customers around the world. As we continue to broaden our portfolio of leadership products, especially our standard catalog products, we enhance our ability to serve these customers."
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